ETI reports net profit Of N30.6bn in Q1

Ecobank Transnational Incorporated (ETI) recorded a profit after tax of N30.587 billion for the first quarter (Q1), ended March 31, 2019. The financial institution’s results released on the Nigerian Stock Exchange (NSE), yesterday showed that the net profit grew by 10 per cent from N27.863 billion in Q1, 2018, while earnings per share rose to N3.77 from 44 kobo.

Gross earnings rose by 0.4 per cent to N199.448 billion from N198.615 billion, while revenue slightly down to N140.446 billion as against N142.157 achieved in 2018. Net interest income for the first three months of the year stood at N75.853 billion, compared to N75.853 billion in the comparative period of 2018, while operating income went down to N140.446 billion, from N142.157 billion in 2018.

Loans and advances to customers stood at N3.09 trillion lower thanN3.339 trillion in 2018, while deposits from customers also shed six per cent to N4.476 trillion, from N5.804 trillion in 2018. The company’s total assets down to N7.84 trillion from N8.22 trillion, while total equity during the period was N651.09 billion from N660.07 billion. Seaking on the results, the Group CEO of ETI, Ade Ayeyemi, said, “We are pleased with our performance in the first quarter, especially amid a challenging macro-economic environment. Our diversified business model continues to be of immense benefit allowing the firm to deliver the promise of the Ecobank brand to our customers across Africa.” Ayeyemi noted that “Our objective to drive stable non-funded revenues gained momentum, with our non-interest revenues increasing by 25 per cent on a constant currency basis, driven by cash management, trade finance, and digital product offerings.

“We maintained cost discipline across our businesses and drove efficiency in our processes. We recovered a record amount of impaired loans, thanks to an effective non-performing loans recovery strategy, which helped in significantly improving our cost-of-risk.” He added that “Overall, we are confident that Ecobank will deliver on its strategy, continue to serve our customers well, and generate attractive returns for our shareholders in the long-term.” culled from leadership.ng